What to Look for in a Payment Gateway – Reporting
Updated: Apr. 5, 2021 | Categories: Revenues
By now, you’ve read Part 1 and Part 2 in our series: “What to Look for in a Payment Gateway.” In this post, we’ll explore an aspect of a payment gateway that you may not have put much thought into: the value the right reporting adds to your payment gateway, while decreasing the stress levels of those who will be working with it.
Most likely, your treasurer and their team of volunteers are not accountants. Have they voiced any concerns about the additional work they expect to have as a result of your association chapter taking electronic payments? Are they worried that electronic payments are going to make their job more difficult? Many chapters have experienced the “churn and burn” associated with the treasurer role; the position can be like a revolving door, with numerous people filling it one after the other in a short time, leaving when they realize they don’t have the tools, or understanding, to do the job well.
You may not realize that the payment gateway you choose for your association chapter can actually makes their job easier.
As part of your payment gateway assessment, review the reporting of the gateways you’re considering, to understand the types of reporting they offer and how those offerings match the needs of your finance team. Here are a few reporting options to look for as you consider the right payment gateway for your association chapter.
- Transaction activity review. Seeing the batch number, activity date and settlement dates for a deposit can greatly simplify the reconciliation process. Can the payment gateway you’re considering break down a reconciliation into specific activities?
- Associated transactions. Can you associate a transaction with an event registration or membership dues? If, for example, $5000 is deposited to your chapter bank account, will you be able to see in detail where the $5000 came from?
- Payment failures. If there is an error, is there a code system or key that helps your treasurer understand the error and its source?
- Processing costs. Can you easily see the amount you’re being charged by the credit card company for each card transaction?
Reporting can be a game changer when it comes to decreasing turnover in your treasurer role. It can make details easier to find and understand, which in turn makes it easier to report to the board on things like the success of an event, a training, or the sale of chapter swag. This turn of events can save your treasurer the time and hassle of running and analyzing manual reports and increase the chances they’ll be content with their role for longer. In addition to making work easier for your finance team, you’ll find that the right payment gateway reporting options can help decrease the stress on your board, by making the treasurer and his or her finance team easier to manage volunteer roles.
Every transaction, customer interaction, and reconciliation report contain crucial information related to chapter activities. And the right reporting can give you a better view of what activities are going well, and which are not going so well, to positively (or negatively) affect your bottom line. The information you gather from payment gateway reporting can even positively impact your chapter revenue, which will make everyone happy, not just your treasurer.